Paul Gigot

06/06/11 1:21pm

Who: The Wall Street Journal’s editorial board

What was said: “Far from being the smoking gun of the financial crisis, this case looks more like a water pistol.” Also: “By the way, Goldman was also one of the losers here. … [I]t ended up losing $90 million on the transaction itself.”

What was left out: Elsewhere, The Journal reported that the deal was approved by “roughly a dozen senior executives,” and that Goldman “never intended to buy any of the deal; it just couldn’t sell all the instruments to other investors.”